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CNBC
Oct 11, 2012 4:00am EDT
commitment of eurozone governments to mutualize the cost of spanish bank programs have been put into question very much so and should be rejected fairly clearly by core european finance ministers. and we think this is a destabilizing factor in the country's credit outlook. so the question is what pressure that might put on its italian auction today. they're selling up to 6 billion in july btb. we did see t-bills yields edging higher for italy. has already raised, though, 80% of the 465 billion needed to fund the 12012 outstanding debt. but those auction results will be out in just over an hour's or so time. >> even for the impact on spanish bonds, when people look and wonder perhaps why there isn't more impact, it's not just because this move is largely priced in. it's also because the ownership has been transitioning to domestic. so certainly at any time a healthy development itself. >> we also have data coming out, as well, spanish banks borrowing 400 billion euros in the ecb in september. 412 billion euros in august. so that number is steady. >> i thought we already knew this, per
CNBC
Oct 8, 2012 4:00am EDT
, it is too late. bank of england government job should have been in half an hour ago. so if you didn't make it, you're not going. jim o'neill wasn't applying, scott mcdonald wasn't applying either. i didn't get mine in. so never mind. stick here. also coming up, we'll be heading to new delhi to hear how undoing regulatory requirements could boost investments. details from one of the author of the quarterly cfo survey. and also president chavez is fig celebrating a hard-fought victory. if you have any thoughts, comments, whatever you like, e-mail us worldwide@cnbc.com or tweet @cnbcwex or @rosswestgate. first we'll turn our attention to china. analysts say there is hope the mainland services sector can help offset weakness in the manufacturing side. hsbc also says early easing measures and stronger consumption demand may have helped world bank is warning it needs to brace for slow growth. it's their slowest pace since 2001. it's because of the exposure to china which also had its outlook cut. joining uses for more, norman chan. norm, good to see you. the world bank downgrade just
CNBC
Oct 9, 2012 4:00am EDT
delegation is staying. why is she coming now, why didn't she visit the two previous governments? because she knows hostility towards her is extremely high. remember for the better part of the last three or four year, she was seen as a scapegoat for the tough austerity measures that have been implemented here and that has led to the deep, deep recession in this country. well, she wants to send a message of support and solidarity about the reform efforts that have already been taken. but privately she'll be pressuring to say you have to continue with the reform efforts and we're not coming with any gifts. we'll make no further concessions. that will be her tough message as she comes here today. back over to you. >> what's interesting is that maybe the timing of this visit there seems to be imf saying we need to have a maybe pretty big did you tell forgiveness. how hard will that be for the germans and fins and dutch? >> i think politically impossible. i think they're warm up to the notion in a they need to give greece more time. but that means money. that money has to come from somewhere.
CNBC
Oct 8, 2012 1:00pm EDT
the relationship between this corporation is and the chinese government. it's been a key question. but for all of the questioning, a lot of it is conjecture. this aren't that many hard facts here, something i did ask chairman rogers about earlier today. >> we've had information from former and current huawei employees. we have both classified information. our foreign partners, australians and the british and others have passed along information they've seen whether it comes to huawei's activities which i think is a very clear indication i have no problem saying i would not use huawei equipment. i'd find other vendors. if you care about your consumer's data and the national security of the united states you need to look elsewhere. >> of course if you do believe, as i do, given my reporting on it, that the chinese are incredibly aggressive when it comes to cyber espionage, sue, and then you believe much wlaf of what is in this report, you certainly come to the conclusion if there is a telecommunications company that's becoming somewhat dominant around the globe that has the backing
CNBC
Oct 9, 2012 9:00pm EDT
give mr. obama more proposals, such as reducing government regulations and spending more to retrain workers. if the republicans say the government shouldn't spend, how the heck are we going to get ourselves out of this? >> no, no, this notion that the government has no role has never been true in the history of the united states. you know, really, all of the commercial aviation industry has grown out of defense spending. all of the health care innovation has grown out of the n.i.h. >> in his ten years as ceo, immelt has remade g.e., selling off half the company he inherited, including plastics, insurance, and nbc. >> oh, my god. >> they're selling nbc to a company called kabletown... with a "k." >> at the same time, he has refocused the company on manufacturing, bulking up units like transportation, energy, and research and development. as jobs czar, he's urging his fellow ceos to double their hiring of engineers and devote more money to r&d. at g.e., he's triple-spending on everything from medical research to green technology, including the building of a solar panel factory in the
CNBC
Oct 9, 2012 7:00pm EDT
religious affiliations? we begin this evening with this story that is happening right now. the government has continued it's vendetta against big banks. the government accuses the mortgage lender of reckless trifecta issuing at least 100,000 affected loans. this story comes as the cnbc.com story makes headlines. the question is why is the government and the taxpayor still in the housing business? let's go to our guest. diana, good evening. >> well look, confidence in housing is coming back. especially in home prices. some say they think home prices will fall further. optimism has been rising for 11 straight months. you don't have to look farther than record low mortgage rates. some claim it is a government subsidy. there are short sales. it is fast becoming the exit of choice for banks and sellers. they are now moving faster thanks to government mandated streamlining and incentives. hofa has so far paid out $333 million for short sales part of the $10 billion that was set aside for the loan modification program. also pushing short sales so far under that program the banks have forgiven $8
CNBC
Oct 8, 2012 6:00am EDT
. there's the participation rate has been coming down, part-time workers, a lot of government jobs added. but for some reason, i've always been told you need 200 to 250 to make a dent. 114 got a 300 basis point drop? it's crazy. and there's a reason -- you know what they're calling people that are saying this. they're calling help truthers. throwing them in with the birthers. >> i don't believe that there was conspiracy to make the jobs number -- >> i know that. and anyone that says that will be called a truther. so you don't say the government's lying. you can't say that. yet if you add in two months more government workers than at any it time since 1948 for the past two months, the government can do -- >> but that goes to his point the u-6 number is -- i don't know if it's more accurate. >> it's broader and takes in to account the part-time workers that don't want to be part-time. they want the full-time job. so it's a broader measure of giving us the breadth of the labor market and the health of it and that's why when i say the unchanged number, i sort of ignored the headline nu
CNBC
Oct 8, 2012 12:00pm EDT
yet the s&p stocks are going to have earnings growth. nothing extra the government can do other than pay the bond issuer can do other than pay the agreed upon coupon and most bonds are in good shape credit wise. so stocks have earnings growth, which i suspect will be something like 5% over the next decade. some years away head of that, some years down, some years behind that. so that should be a 7% real return, fundamental return on stocks not counting any change in the market's evaluations, pe multiples and so on. so 7.5% likely will be better than 2.5%. that's where the odds come from. i would say 85%, maybe even higher that stocks will do better. >> where does the election factor into all this? we had some strategist on the streets who have raised their own targets based on the fact mr. romney could win the election, if that happens it would be more bullish for the stock market at least in their minds. does the election really matter? >> well, it matters greatly to the united states of america. the issue you're saying does the election north the stock market and in my lone ex
CNBC
Oct 8, 2012 9:00am EDT
is inaction on the part of the government in terms of huge programs where it be stimulus or not. many expect you may not get something substantive still march. there's also a great deal concern about the financial system. you hear it a lot. we all talk about the lack of validity of many of the statistic that is we still rely on. but within the financial system itself, where the debt really is, a number of metrics that are followed and thought to be worthy of following are not looking great. there's continued concerned. >> we're running smack into -- our companies have to tell the truth. but there's a huge cohort of companies in our company that don't need a whole lot of growth. so we're funneling into winners and leaving aside cyclicals as losers. >> world bank goes from 8.2 to 7.7. if you think 5 to 6 is the real number, should we be bracing for more -- >> yeah. look, these guys want to do everything incremental but the data's bad. i saw someone recommending gm today on strength of china sales. everyone wants to get ahead of the turn. but now we're smack in front of earnings wh
CNBC
Oct 11, 2012 10:30pm EDT
spending, more borrowing, higher tax, a government takeover of health care. it's not working. it's failed to create the jobs we need. 23 million americans are struggling for work today. 15% of americans are in poverty. this is not what a real recovery looks like. you deserve better. mitt romney and i want to earn your support. we're offering real reforms for a real recovery for every american. mitt romney , his experience, hs ideas, his solutions is uniquely qualified to get this job done, at a time when we have a jobs crisis in america, wouldn't it be nice to have a job creator in the white house? the choice is clear. a stagnant economy that promotes more government dependency or a dynamic growing economy that promotes opportunity and jobs. mitt romney and i will not duck the tough issues. and we will not blame others for the next four years, we will take responsibility and we will not try to replace our founding principles, we will reapply our founding principles. the choice is clear, and the choice rests with you, and we ask you for your vote. thank you. >> and thank you both ag
CNBC
Oct 10, 2012 6:00pm EDT
averages would be nothing happens with individual companies or with governments and central banks. that's the so-called micro, the companies, and the macro, which are the governments. so we've got a flat line here, okay? that's how every day starts. of course, something does happen every day, which is why we are almost never flat, typically on days where central government or banks squawk newsom sort of data. so let's just presume we're never going to be in zero. then we get to earnings season and the equation changes dramatically. we get really granular. we extrapolate the heck out of each and every earnings report. so consider the box score from one 24-hour sports cycle, using the parlance of football. why not? it's football season. it will be easy for everybody. here is the first place. first we get earnings last night from yum! brands, parents of taco bell and pizza hut, and it is dynamite. restaurants all over the world, and why not, they have two million restaurants per million in the merging versus 58 per million here in america. china didn't slow as much as we thought. and taco be
CNBC
Oct 7, 2012 7:30pm EDT
shared what we've learned with governments and across the industry so we can all produce energy more safely. i want you to know, there's another commitment bp takes just as seriously: our commitment to america. bp supports nearly two-hundred-fifty thousand jobs in communities across the country. we hired three thousand people just last year. bp invests more in america than in any other country. in fact, over the last five years, no other energy company has invested more in the us than bp. we're working to fuel america for generations to come. today, our commitment to the gulf, and to america, has never been stronger. >>> you can find more about the show on our website, wsjr.cnbc.com. now a look at the stories coming up to impact your money this week. monday is the columbus day holiday. banks and bond markets will be closed while the stock market is open. earnings season kicks off. companies reporting third quarter results include costco and jpmorgan chase. >>> thursday the latest reading on the u.s. balance of trade. the vice presidential candidates take the stage for their one debat
CNBC
Oct 11, 2012 6:00am EDT
recession and limiting the government's policy options to stop the slide. and italy sold 2.9 billion of three year bonds that it no longer issues on a regular basis. that's the top of it targeted amount. kelly evans will join us with more in a few minutes. christine lagarde is calling for urgent action. ties are similar. >> very similar. >> to tackle the european debt crisis and spur sluggish growth. she praised recent steps but said no more needs to happen -- or more needs to happen and faster. the imf and world bank's annual meeting are taking place in japan this week. and the bank of korea is cutting interest rates and growth forecasts, but policymakers are predicting a recovery ahead. yesterday woody i asked him the tebow -- they love these like bloggy looking for conflict, they love the idea that i changed the subject to talk about his tie. woody gave me the tie. not one of these outfits, and i put it on, so we came back in break and i was wearing woody's tie. not a single outfit said, wow, but look, after the break -- they're not smart enough any of these places to see that. just
CNBC
Oct 13, 2012 4:00am EDT
. we heard from the statesman lloyd blankfein. has the government curtailed the opportunities that goldman used to make? and even as i once worked there, i got to tell you this is probably the least clued in i've ever been on whether goldman has a lot of earning power or not. johnson & johnson, they had time to figure out the lay of the land, lays the ground work for submitting up the company, ala abbott labs. j & j worth 15 bucks instantly if he pulls the trigger. ibm reports after the close. consistent grower, taking shares, and new hardware products. very few stocks give you what ibm has, charitable trust bets that despite the slowdown in europe, we see consistency. wednesday, we hear from bank of america. and the great inconsistency it has been cleaning up its balance sheet behind the scenes and buying inexpensive debt left over from the bad old days with foreclosures and major settlements, bank of america putting the ugly past behind it. bank stocks getting hammered next week like they were today and you come in, you know what? probably want to buy bank of america here for tha
CNBC
Oct 11, 2012 3:00pm EDT
kind of drama we saw around government shutdown where is they tiptoe and dance all the way up until the last minute and then get it done. we already know they're having meetings right now figuring out the end to that crisis. so i think that we're going to build it up and build it up and it's all going go away. i really think that what we're going to see with this market right now is a continuation of this slow, steady, up trend. there's no real reason right now to take it out. >> rick, what do you think? how about the 30-year treasury auction today? a lot soft, but i guess that would be expected at that yield, right? >> yeah, well, i think it was a bit soft for sure. the post-auction, all the auctions being done really gave us a big rally afterwards. the best way to get a dugout filli ined with varying personalities is to pick a new manager. i think if we pick a new manager, that will lead into the fiscal cliff being changed in a way that won't give us the big hiccup in the market. i also agree with jim though. i think what could happen is if mitt wins, there's going to be a big ral
CNBC
Oct 10, 2012 4:00pm EDT
the one by the federal government, but one stress test nonetheless. among other findings here, the failing banks would have to raise an additional $25 billion in capital to achieve a passing grade. >> joining us now with exclusive details is matthew anderson. he's part of the company that conducted the study. how do you come up with this? what methodology did you use? >> i'm glad you outlined that our stress test is just that, it's our application of an economic scenario, a downside economic scenario to bank earnings and bank capital. so what we did is we took the sort of variables that the federal reserve was forecasting in their c-card stress testing of the largest banks and applied that same sort of scenario to the entire universe of banks. >> are you tougher than the feds? >> we're probably tougher in some areas. we don't have all the data at our fingertips that they have, so they have a bit of an information edge. but i think we're pretty harsh. >> now, the banks that you identified, are they small banks, are they banks that everybody knows, are they any of the big banks that
CNBC
Oct 8, 2012 3:00pm EDT
government sits there and starts an antitrust -- i'm not saying apple will because they don't have it. every company has had something come up to it where they've broken it up or broken it back. at&t was broken up. microsoft -- i don't know -- >> when you're the tallest nail in the room, right, somebody's got a hammer. >> absolutely. i'm not saying that's going to happen to apple but it has happened in the past. >> you're dealing with a company that literally moves gdp, right? i mean, it's that significant, sam, what apple does. >> it and the three other tech stocks in the s&p that are the largest are larger than 200 stocks in the s&p. so you just get those three tech stocks -- those four tech stocks to do something good or bad and drags everybody else with it. >> i don't know about my sense of morality but it used to financials and it's not anymore. is that good? >> we see the rotation. it used to be the energy
CNBC
Oct 11, 2012 7:00pm EDT
reporting their best tourism seasons in years. we've shared what we've learned with governments and across the industry so we can all produce energy more safely. i want you to know, there's another commitment bp takes just as seriously: our commitment to america. bp supports nearly two-hundred-fifty thousand jobs in communities across the country. we hired three thousand people just last year. bp invests more in america than in any other country. in fact, over the last five years, no other energy company has invested more in the us than bp. we're working to fuel america for generations to come. today, our commitment to the gulf, and to america, has never >>> welcome back to "the kudlow report." i'm jackie d'angelis reporting from the kudlow tweet desk. we asked you if you thought the administration was lying to us about the attack in benghazi. another response says the murder of the ambassador no coincidence. complete set up from the start. larry? >> i think a lot of americans are very angry at these events around our consulate and benghazi. i think that's what these tweets are show
CNBC
Oct 10, 2012 1:00pm EDT
? >> what rate? >> that's a great question. we bank governments not-for-profits. i know we bank churches. i just don't know the actual numbers. i'd be happy to share with them if you sen me ad me an e-mail. that's what we do, advise people, what's reasonable and not reasonable. a lending business, banks, unlike other institutions, often has to say no. sometimes we say we're not going to do it and it is not good for you, either. like selling someone too much liquor or letting them have that fifth drink at the bar. send me an e-mail. >> taking a slightly broader answer to that question, take a minute, talk about your definition -- here you are this large organization, you have enormous profits. what is your sense of corporate social responsibility? what sort of program -- what does jpmorgan define for itself -- >> i've never had a conflict over this. my job is to build a healthy, vibrant company. and i want -- in every community you operate in, including greece, italy and spain, for to you think we're a good corporate citizen. no different -- i really mean this -- than that corner store. t
CNBC
Oct 9, 2012 2:00pm EDT
client does that at pacific capital. people need to be learned not to be fooled by government's sleight of hand. the >> the problem is that we are reaching record highs, the numbers look good. to brian's point about mom and dad not necessarily opening their 401(k)s but the mom and pops participating in this rally? dave lutz, isn't this one of the sad factors, keep on moving higher? so many people burned during the financial crisis, they are not taking advantage of it? >> mandy, you're absolutely right. ici reported last week even though the stock indices almost doubled since our lows back in '09, investors pulled about $140 billion out of mutual funds and etfs, a couple of stunning facts, all that money seems to be flowing toward fixed income. vanguard reported the first time in history, bond funds bigger than stock funds. if i had dell disclosed last month, the size of their bond and money market assets almost $850 billion. that's more -- [ overlapping speakers ] >> -- about bonds -- >> the market is going to do whoever has the most participants. you are absolutely right. >> peter? >>
CNBC
Oct 8, 2012 7:00pm EDT
actions by the state government? there's some descriptions about school districts, small towns going bankrupt, even detroit. would this prevent any of those emergency actions? >> well, it would make it very challenging. in fact, we have an emergency manager law used, but when it's used it's a major help to prevent bankruptcies and other challenges. that's also on the ballot. this would override that and leave us in a spot where communities might have bankruptcy as an option, and that's a very bad answer. >> governor, let me just ask you, what are the mechanics of this thing? in other words, if they get collective bargaining as a matter of state constitutional rights, does that undo all of your reforms as you call it to the michigan comeback? does that give the unions power even over the state legislature? is it that bad? >> it would in many aspects take us back in time and give a lot of power to unions in terms of the negotiating process and really wipe out a lot of benefits we have. we're the comeback state. we've gone through tough recessions before. we need to keep going. that's w
CNBC
Oct 12, 2012 4:00pm EDT
that we do have partnerships between industry and government. we are doing a great deal of collaborative work together. what we really need to do is insent vise greater investment. right now all the incentives are on the side of the attackers. >> what other incentive do you need than to protect yourself from a cyber attack? >> you have to protect yourself not just from any cyber attack. we're doing a great deal on that. private sector investment in protecting themself has doubled over the past five years to $80 billion a year. the department of homeland security is $59 billion in comparison. what we're talking about is defending them against nation state attacks. individual companies are never going to be in a place they can all by themselves defend against a nation state attack. so for that, we need an additional sort of collaboration such as is indicated in the bipartisan bill that was passed through the house of representatives that would have created greater liability protections that would have allowed private industry to share information with the government much more
CNBC
Oct 11, 2012 9:00pm EDT
million jobs. now, we think that government taking 28% of the family and businesses income is enough. look if you taxed every person in successful small business making over $250,000 at 100%, it would only run the government for 98 days. if everybody who paid income taxes last year doubled their income taxes this year, we'd still have a $300 billion deficit. you see, there aren't enough rich people and small businesses to tax to pay for all their spending. the next time you hear them say don't worry about it, we'll get a few wealthy people to pay their share, watch out middle class the tax bill is coming to you. that's why we're saying, we need fundamental tax reform. take a look at it this way, eight out of ten businesses file their taxes as individuals not as corporations. where i come from oversees, lake superior, the canadians, they dropped their tax rates to 15%. the average tax rate on businesses in industrialized world is 25% and the president wants the top effective tax rate on successful small businesses to go above 40%. two-thirds of our jobs come from small businesses. thi
CNBC
Oct 12, 2012 2:00pm EDT
kindle. genius move or bound to fail? >>> plus, government scare tactics, or are we really close to getting a pearl harbor like cyber attack? >>> an incredible video of a multi-million dollar racing yacht taking a header, mandy. >>> happy friday, everybody. we are closing in on a perfect week for the dow but not really the way that most investors would like. the dow has not gained in any session this week and it has lost an early 75-point gain today. >>> as for the s&p 500, it is also down today but it has the distinction of having this week's only positive session for any of the major averages. a gain yesterday of all of a quarter point. >>> jpmorgan and wells fargo both moving lower today, though both reported earnings lower than wall street estimates. we'll dig more into that in a second. >>> i think we have an election coming up or something with these volumes. >>> their strong earnings were thanks to all the government backed mortgage and re-fi business brought on by low interest rates courtesy of ben bernanke and the fed. in other words, taxpayers are helping some of the big b
CNBC
Oct 12, 2012 7:00pm EDT
. the treasury today became the latest to confirm the government deficit topped $1 trillion once again. the treasury says the deficit was roughly 7% of gdp and, larry, the nobel peace prize goes to the eu. the nobel committee gave the prize to the european union acknowledging the 27 blocks advancement and a peace and reconciliation and i know a lot of people think this is ridiculous, but when you think about the history there and the fact that these countries 100 years ago and what they're doing is hard, maybe it's a reminder. >> they should have given them to them 70 years ago and this is the wrong time and i'll talk about that with my pal jimmy pathkuke as. >> my only personal view is it's a ridiculous thing so i've asked cnbc contributor jim pathkukas to come back. at this moment in time with the growth of welfare states and socialism and bankruptcy and bailouts i wouldn't give the european union an award of any kind. what this k this nobel peace prize people be possibly thinking? >> given what you just said and the fact, the eu could still break apart and maybe this is like a parti
CNBC
Oct 10, 2012 2:00pm EDT
? >> they're both very important. obviously the structure of american government requires that the same party be in charge of everything if the system's going to work and the odds are the same party is not going to be in charge of everything after november. >> in terms of where we stand on the fiscal cliff, ben, whoever gets in, do you think that the outcome of the election is actually going to take away these so-called uncertainty that's hanging over us of the fiscal cliff or are we still going to be dangling in the air? >> we'll be dangling in the air. we're not going to get a sweeping referendum one way or the other no matters who wins the white house. you'll likely still have divided government. the theory is that basically if romney wins you are more likely to get a punt on the fiscal cliff because republicans could be in control of each house if they win the senate. generally speaking, the senate democrats the thought is will not be as intransigent if romney gets in. not sure i buy that. i think the odds are similar under ooet president for a punt on the fiscal cliff. i think if obama w
CNBC
Oct 10, 2012 4:00am EDT
. government suing the nation's biggest mortgage lender. we'll take a look at how the global industry is faring. then it's off to paris. the stricken car maker is downgraded by moody's a day after demonstrators stage protests. we'll have details from the french capital. and we'll head to new york where there's an appetite for young, profits that is, up nearly a quarter from a year earlier. we'll take a look on a big day for earnings on wall street. and a big week that's coming up. joining us now onset, though, bob mckey. bob, you're here with us, chief economist from independent strategy. i guess let's just begin by talking a little bit about some of these headlines that we're hearing from the imf regarding financial stability. obvious, i guess, to sort of draw attention to this issue, but in your mind, is there still lingering risk out there from the lack of reform, i guess, in some areas of the industry? >> i think what the global stability report is showing -- it's the third report the imf brings out at this semiannual meeting. everybody looks at the growth figures from the world econ
CNBC
Oct 8, 2012 4:00pm EDT
and what the real role is of the chinese government in terms of potential control of this company. >> no, those are also fair points. there is no role of the chinese government in the company. the committee knows full and very well that when they visited our facilities, that they actually had access to the entire list of all 65,000 of our employee shareholders. look, this industry -- the committee is focused on cyber security concerns. those are very legitimate concerns. but, the fact of the matter is, it's a global industry. hauwei, cisco, eriksson, nokia se seimens operating on a common stage with overlapping -- there are cyber concerns but they are universal. anything short of universal solutions is nothing but political gamesmanship. >> i've done a lot of reporting on it. it goes back to the chinese, broadly speaking, to spy, usually using the internet on u.s. corporations and to steal their secrets wherever they may be and whatever way the chinese can. many say about hauwei, in fact, it came from virtually nothing as a result of today because of stolen intellectual property.
CNBC
Oct 8, 2012 2:00pm EDT
the chinese government, you're saying, okay, america, forget you, we're going to dump some of your debt. see how i like higher interest rates. let's not buy a buick or gm product and forget about going to taco bell or kfc for yum brands. >> brian, i don't think the debt is the issue but i think it is quite possible that if china feels like they're getting a raw deal here, that either implicitly or quietly, they may feel like they want to punish us economically in some way and an obvious way is to try to source products from places other than america. this wouldn't be surprising at all. >> could you imagine if the chinese goft says cisco system, our version of huawei, essentially, was a security threat to them in china? >> exactly. so the china/japan little ruckus that's going on right now is perhaps instructive. both sides have got claims that the other side disputes, and what's happened is you've got a lot of chinese tourists going to japan that have canceled their trips and a lot of back-and-forth. we don't know where it is going to end up but it is the kind of thing that can get
CNBC
Oct 9, 2012 1:00pm EDT
. >> about the ecb gives back the cash, the german government pay backed ecb. >> will be law andered? >> it will be laundered money, exactly. >> simon, what do you think? >> or extend the maturities that is the other possibilities. >> i have heard that this -- they begged for that absolutely right, keep asking and the ecb keeps saying no. >> most people think in the end, the way it is going to happen is through the laundered system through the back door, through the central banks. >> what about spain, michelle some people were posing the question that the greece certain lives the story of the day today with the protests, with ms. merkel going to greece, but spain really is what we need to be focused more on. do you agree with that? >> much bigger, much bigger in size. greece, in the end, is the bigger pictures that we see on television, but when it comes to the actual amount of money, the european union could actually handle that cost. spain is much, much bigger. >> thank you, michelle. simon, over to you. >> also watching, as you will be aware, sue, apple, very closely today. shares offici
CNBC
Oct 10, 2012 3:00pm EDT
to suffer potentially from higher taxes and indeed reduced government spending. >> rick santelli, you heard that whole list of reasons. is that why we saw this ten-year auction today? people gobbling up ten-year government debt at these extremely low yields because they think they're not going to get much better elsewhere? sounds like people don't think there's a lot of growth coming. >> i think there's a little bit of truth in all of it. i'll bring up another point. i think october, a lot of mutual funds ahave the end of their fiscal year. it's been a good run for stocks. the spread between what the stock market is telling us and the economy is pretty wide. the election, depending how it turns out, could have a lot of implications. to me, it makes perfect sense the closer we get to the end of the year, the closer we get to november, people are going to be lightening up. it all makes sense. >> yeah, and mandy, you were highlighting earlier oil is lower, gold is lower. a lot of the base materials have been suffering as well today. >> yeah, that's absolutely true. you know, i think
CNBC
Oct 12, 2012 11:00pm EDT
learned with governments and across the industry so we can all produce energy more safely. i want you to know, there's another commitment bp takes just as seriously: our commitment to america. bp supports nearly two-hundred-fifty thousand jobs in communities across the country. we hired three thousand people just last year. bp invests more in america than in any other country. in fact, over the last five years, no other energy company has invested more in the us than bp. we're working to fuel america for generations to come. today, our commitment to the gulf, and to america, has never been stronger. >>> all week aye been telling you about this fourth quarter momentum trade where they take the best performing growth stocks and anoint them as winners for the rest of the quarter. this is all about the mechanics of the market. it happens every year. . bond managers want to show their investors that they own the best stocks out there, and they own a lot of them, and that's especially true in an environment like this one where so many hedge funds are lagging the market and there's so fe
CNBC
Oct 10, 2012 6:00am EDT
sorry for the heated debate that ensued. i'm not the first person to question the government numbers and hopefully i won't be the last. and he references someone who's criticized him a lot, which is rich austin golsby, our guest friday morning after the jobs report. jack mentioned a op ed in "the new york times" back in 2003, and in that piece, goolsbee spells it out. in other words, the government has cooked the books. when people serve manager the military were classified from not in the labor force to employed in order to reduce the unemployment rate. nonetheless, the impact has been the same. he was making the point that there was a jobless recovery that came later because they had notless the unemployment rate rise to the level where it would have been normally. and jack is going to join us at 8:00 eastern. the people that we've had have talked about jack have just pointed out, look, it's at 7.8 for whatever reason. you've got part-time workers. all these census workers call people and find out whether they're working. if you've done anything in the last month, you could theoretical
CNBC
Oct 9, 2012 4:00pm EDT
here says it's time to get the government out of the housing market. that's all ahead on the "closing bell." if we want to improve our schools... ...what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ...nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. >>> all right. we got more situations developing. yum brands out with earnings. to jane wells. she's got the latest on yum brands. over to you. >> yeah, maria. you had it right going into the break. they did beat the street on the bottom line, coming in at 99 cents, excludeing special items. that's up 19% from a year ago. the top line came in a little light. the street was looking for $3.65 billion. the real story is what's happening in china. they reported an operating loss in china last quarter. this time, as promised, they have returned to double-digit profit growth with the china system sales increasing 22%. same store sales incr
CNBC
Oct 5, 2012 11:00pm EDT
best tourism seasons in years. we've shared what we've learned with governments and across the industry so we can all produce energy more safely. i want you to know, there's another commitment bp takes just as seriously: our commitment to america. bp supports nearly two-hundred-fifty thousand jobs in communities across the country. we hired three thousand people just last year. bp invests more in america than in any other country. in fact, over the last five years, no other energy company has invested more in the us than bp. we're working to fuel america for generations to come. today, our commitment to the gulf, and to america, has never been stronger. >>> it is time. it is time for the lightning round! we play until we hear this sound, and then the lightning round is over! are you ready, skedaddy? let's start with rob in new york. >> caller: how you doing, jim. my question about skechers? >> sell, sell, sell. it's sink'ing like a stone. i don't want skechers or deckers. >> ken in california, what's up? >> caller: thank you for your help and guidance. love your show. jim, abbo
CNBC
Oct 9, 2012 9:00am EDT
governments need to act to fix the economies. if we don't get the improvement there, we are in trouble. let me move on to talk about owens-corning, i have been covering this 20 years. i'm the son of a home builder and we bought a lot of fiberglass insulation from owens-corning over the years. it's a tricky company to cover because it is only partly tied to new home sales. they have this fabulous fiberglass insulation division that everybody sees when new houses go up in between the beams they put up. that's a big part of their business tied to new home sales but the other parts aren't tied to new home sales. so the roofing division, for example, yes, they can put new homes with roofs on them, but the big money there is replacement roofing. and in replacement roofing they have a fabulous 2011 because there were a lot of storms around the country. so business shot right up. so the margins or rather the comparisons to a 2011 don't look that good because the storms haven't been that great. they have another problem, they raised the prices with a lot of resistance. jim, you mentione
CNBC
Oct 12, 2012 6:00am EDT
. that's where you're at right now. so what you're doing is a government telling you that there will be inflation, we're going to keep interest rates very low. what that does, it encourages corporations to invest. the corporation sitting there with $2 trillion on their balance sheets and what they have to do, they have to invest to create jobs. the government is saying you can leave it there and wait for a disaster, but if you do, it will go down in value 4% every year and, therefore, encourage people to lower the dollar. that makes products worth more. so we're trying to encourage people to build products and plants. >> we had lloyd blankfein and simpson and bowles talking about the fiscal cliff. this is what lloyd blankfein had to say. >> i'd be a buyer of the market. goldman sachs would -- we not only value company, we're a company ourselves. we would be assuming that our business would grow, that companies would be making more acquisitions, more investments, more gfinancings. and we would have to make sure that we could provide those advice and those services. >> what do you make of
CNBC
Oct 8, 2012 11:00pm EDT
of congress. in celebration of over 75 years of our government employees insurance company, or geico...as most of you know it. ...i propose savings for everyone! i'm talking hundreds here... and furthermore.. newcaster: breaking news. the gecko is demanding free pudding. and political parties that are actual parties! with cake! and presents! ah, that was good. too bad nobody could hear me. geico. fifteen minutes could save you fifteen percent or more on car insurance. >>> the panic in apple is thick. everyone has decided it's finished, right, it's going down, down, down. every day it's going down. all i heard today is today it broke the 50-day moving average. as if somehow the company that steve jobs created is entirely independent in the end on a chart. how about this? if you don't own any, if you luck into some, you know my view about apple. it's an investment, not a trade. pe
CNBC
Oct 11, 2012 12:00pm EDT
worried about government disapproval of any potential deal. they went their own way. scott, a lot of moving parts here. we'll see where it all ends up. of course, it still is talks that would aim at a roughly 70%-ish ownership by softbank in sprint. softbank been very successful in japan in terms of rolling out lte. back to you. >> thanks so much. david faber. a lot of movement today in those stocks. as well in the banks. they're in the green as investors wait for the first of this quarter's big earnings reports. jpmorgan and wells fargo will kick things off tomorrow morning before the bell. stephanie, you're long both names. what are you looking for? >> i'm a little nervous. jpmorgan up 25% from last quarter. expectations are pretty high. i think we'll get some final resolution to close the door on london london whale. how bad is nim? what's their plan for capital allocation. wells fargo, you're going to get more color on housing. that's important, obviously. that's one of the reasons why we're overweight the banks at this point. what's also important for wells is their expense rati
CNBC
Oct 9, 2012 6:00am EDT
government austerity cuts. pensioners clashed with riot police and burned an eu flag. german chancellor angela merkel is scheduled to arrive in athens at about 6:30 eastern time today for a six hour visit. police banned protests in most of central athens and 6,000 officers are trying to keep control. this is merkel's first stop will greece since the debt crisis kree resulted back in 2009. and carolyn roth will be joining us live. >>> and both president obama and mitt roy in will be in ohio today. voters in the swing state are getting their last chance to register for next month's election. the polls are now all over the map. pew has romney up four points, but gallup says the positive jobs report gave president obama a five point boost. among our guests, ken langone and donald trump. and focusing on issues of foreign policy and national security, we have senator john mccain. and by the way, if you went to sleep early last night, the texans beat the jets 23-17. this win brings the texans perfect record this season to 5-0. we will have more in squawk sports. first andrew has the
CNBC
Oct 9, 2012 5:00pm EDT
government changing. and you can easily get 20% or 30% rebound. i personally don't particularly like chinese companies. i would rather play into the hong kong market. basically i think that qe 3 which is unlimited and the bond purchase side and the bailout of countries has been largely discounted by the market and the market has been weakening technically. so i believe that we may have here quite a serious setback. >> let me ask you something. is there anything that would change your mind, any kind of policy change or does the down 20%, would that be a catalyst for you to use some of that cash you're stock piling? >> actually, i'm just reiterated milton freedman's words. i just don't understand that people like yourself can all the time point out the policies that will save the system. we need less policies, not more policies. >> is there some policy that maybe would be a retraction of qe 3 or all of them? >> i would love to see everywhere in the world certainly in the western world government expenditures and government bureaucrats being topped by minimum safety percent. that would
CNBC
Oct 11, 2012 1:00pm EDT
have a leaderless government and he can lead. this gentleman can't govern. he's doing politics day and night. >> erskine bowles, same question to you. if had a chance to advise obama and biden on what you want to hear about the deficit and the fiscal cliff, what would you tell them to say? are you not hearing now? >> to lead. lead from the front. just take on this enormous problem we have with economic growth. the best way to take that on is to reform the tax code, broaden the base, simplify the code, wipe out these tax expenditures and use that money to reduce rates, to encourage growth, and also to bring down the deficit. that's really attacked these entitlement problems. slow the rate of health care. make social security sustainably solvent. we can't afford to spend more in the next 17 largest countries and then to take that money and some of it invest it and let's invest it in those things that america has to invest in to be competitive globally. >> i would say those same things to the candidate of my party. >> lloyd, has wall street, has business, done enough to push politicia
CNBC
Oct 10, 2012 5:00pm EDT
those two will remain to be acting in different paths. the chinese government is willing to accept this hit on the japanese businesses. we have seen the impact on name brand japanese items and name brand stores and automobiles. we are not necessarily seeing the impact as nearly as strongly on things like other elements of manufactured goods and precursor electronics. >> how much of a game of chicken is this? chinese exports out of japan and china on autos are down about 70%. i wouldn't be running away from toyota motors on this one. from an impact japan has different problems. i would be more concerned if china was going at this with korea. exports to china from korea and taiwan are up for the first time in months. i'm pretty excited about this. where do you think china is really playing the worst game of chicken and do you think there could be regional spreading of this or is this just about elections? >> i think that the koreans are taking advantage of the current tensions between japan and china and trying to fill the gap. we may see some minor adjustments in the minor term to t
CNBC
Oct 9, 2012 3:00pm EDT
is about fha-insured mortgages that the government says that wells fargo was misrepresenting to get fha insurance on these mortgages for a period of some ten years. they say about $190 million worth of mortgages may have been misrepresented, essentially ripping off the taxpayers for this fha insurance. under the law, the government could recover triple damages. this is a $570 million suit against wells fargo. we're following it. we'll teep you posted. back to you. >> just off the lows, scott, thank you very much. we're heading toward the close, otherwise, with about 30 minutes left. the dow down 100 points at this hour. when we come back, we look at the health of wall street. new york state comptroller on the looming -- whether the looming fiscal cliff and increasing regulation are threatening wall street's comeback these days. plus, speaking of which, nearly half of all wall streeters are expecting a bigger bonus this year. will they get it in and more importantly, do they deserve it? that debate is coming up. and from bull market speed bump to chaos. breaking out at a bull fight i
CNBC
Oct 11, 2012 2:00pm EDT
of the chinese economy prompted by the chinese government, i think dry bulk shipping will come back. those stocks have been beating down to dirt-cheap levels. just recently a lot of reits, especially the mortgage agency reits have been trading below book value on concerns that dividends will be lower. i think if you pick up some of those below 95% of book value, those are cheap as well. >> if you can get them at that price. it is always about the price. neil, blankfein is a buyer of this market. should moms and dads, retail investors, be buyers of this market? i know that we've had a few down days. i know that we're off the multi-year highs but we're not far off. do you think that at these levels mom and dad should be in participateing? >> absolutely. where the money's going over a trillion dollars has going into fixed income products or bond funds in the last year-and-a-half, $3.5 billion has come out of mutual funds, equity funds. you're getting no return in the fixed income market. that's going to be really tragic is if rates do ratchet up, the individual investor is going to los
CNBC
Oct 10, 2012 9:00am EDT
u.s. government in anti-trust when they decided he was one more civil servant, that was the top. government plays for keeps, and never mess with the person who works because they care, i suppose, for the money. >> unlimited check and a lot of lawyers. >> one certain wells fargo lawsuit? >> i thought that was a very -- wells fargo, i think the world of management there has stunk but michael corleone explained to us earlier when he saw that man blow himself up in cuba you cannot go against people who play for free and care, that was still one more great business lesson from the godfather, the greatest business movie of all-time, "godfather ii" the good to great, great to better. "you broke my heart." >> we'll talk more about wells and get more clarity on the quarter, david, coming up on friday. >> yes. >>> meantime after surging 40% this year, home depot getting a downgrade. we'll talk to the analyst making that call. >>> also ahead wall street and main street waiting for apple's mini version of the ipad. does it have something in common with pizza and sex? we'll meet the guest wh
CNBC
Oct 14, 2012 7:30pm EDT
time when the two ideologies could come together. was it wasted? >> the federal government's financial house is not in order. it's in total disorder. no business that you cover would ever accept $16 trillion in outstanding debt with the almost guarantee or in fact the guarantee that next year we are going to have to borrow another tr trillion or two where you have the congress and republicans and democrats deadlocked on how to solve the problem. the question is, can you prevent what you foresee? in other words, we forsee anyone knowledgeable about this realizes we are on the edge of not just a fiscal cliff, but a calamity. >> you went through the whole long debt ceiling debate which was really upsetting even from business, from being down here on wall street during that time. the markets were in standstill. the business community was in standstill. i feel like we are going through that, again, right now with the fiscal cliff. >> the idea here was to force congress to reach agreement through the supercommittee, which was set up last year. john boehner, the speaker, harry reid,
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